JPMorgan Updates Bitcoin Miner Ratings, Favors Pure-Play Operators

Wall Street giant JPMorgan revised its outlook on several bitcoin mining stocks Monday, reflecting second-quarter earnings, shifts in the network hashrate, and the recent rise in bitcoin prices.

Among the changes, Marathon Digital Holdings (MARA) was upgraded to Overweight from Neutral, with the firm raising its price target to $22 from $19—implying roughly 30% upside from Friday’s close just above $17.

Meanwhile, Iris Energy (IREN) and Riot Platforms (RIOT) were both downgraded to Neutral from Overweight, despite modest increases in their respective price targets: IREN to $16 from $12, and Riot to $15 from $14.

CleanSpark (CLSK) remains JPMorgan’s top pick in the sector. The bank reaffirmed its Overweight rating and boosted the price target to $15 from $14, signaling around 30% potential upside from its Friday close just below $12.

Cipher Mining (CIFR), which remains unrated by the bank, was assigned a new price objective of $6.

“In a shift, we favor the pure-play operators within our coverage universe, as they offer the best relative value and are best positioned to benefit from a rising bitcoin price,” analysts Reginald Smith and Charles Pearce wrote in the note.

The analysts added that price targets across the sector were lifted to reflect improved mining economics and stronger BTC pricing.

At the time of publication, Bitcoin (BTC) was trading near $118,700.